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107 | II Série A - Número: 116S1 | 8 de Fevereiro de 2012

PROTOCOL

At the time of signing the Agreement between the Portuguese Republic and the Hong Kong Special Administrative Region of the People’s Republic of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (the “Agreement”) the Contracting Parties have agreed upon the following provisions which form an integral part of the Agreement.

1. With respect to Article 3 (General Definitions)

In respect of paragraph 2 of Article 3, it is understood that the term “any penalty or interest” includes, in the case of the Hong Kong Special Administrative Region, any sum added to the Hong Kong Special Administrative Region tax by reason of default and recovered therewith and “additional tax” under Section 82A of the Inland Revenue Ordinance.

2. With respect to Article 6 (Income from Immovable Property)

In the case of Portugal, it is understood that the provisions of Article 6 shall also apply to income derived from movable property or from services, which are connected with the use or the right to use the immovable property, and which, under the taxation law of Portugal, is assimilated to income from immovable property.

3. With respect to Articles 10 (Dividends), 11 (Interest), 12 (Royalties), 13 (Capital Gains) and 21 (Other Income) It is understood that the provisions of Articles 10, 11, 12, 13 and 21 shall not apply if it was the main purpose or one of the main purposes of any person concerned with the creation or assignment of shares or other rights in respect of which the dividends are paid, the creation or assignment of debt-claim in respect of which the interest is paid, the creation or assignment of rights in respect of which the royalties are paid, the alienation of property out of which the gains are made, the creation or assignment of rights in respect of which income is paid to take advantage of these Articles by means of that creation or assignment.

4. With respect to Article 10 (Dividends)

In respect of paragraph 3 of Article 10, in the case of Portugal, the term “dividends” also includes profits attributed under an arrangement for participation in profits (“associação em participação”).

5. With respect to Article 16 (Directors’ Fees)

It is understood that where a company is a resident of Portugal, Article 16 also applies to a member of the supervisory board or organ of a company, that is, “conselho fiscal” and “fiscal Único”.

6. With respect to Article 25 (Exchange of Information)

In respect of Article 25, it is understood that: (a) the Article does not obligate the Contracting Parties to exchange information on a spontaneous or automatic basis;